# My county sent a business personal property form asking me to list everything the business owns — what do I report and where do I get it?

- **[Texas, United States · property owners in Texas filing with an appraisal district]** A rendition is a form that property owners use to report to the appraisal district the taxable property they owned on Jan. 1, and property owners can render both real and personal property. → [CG-MCE-075#S04](#s-CG-MCE-075-S04)
- **[California, United States — business personal property assessed by the county Assessor of the county in which the property is situated · Businesses and other assessees owning, claiming, possessing, controlling or managing taxable business property in a California county and filing form BOE-571-L]** Schedule A reports equipment cost excluding property reported in Part III, and the cost reported includes expensed equipment and fully depreciated items together with sales or use tax, freight and installation costs. → [CG-MCE-075#S13](#s-CG-MCE-075-S13)
- **[California, United States — business personal property assessed by the county Assessor of the county in which the property is situated · Businesses and other assessees owning, claiming, possessing, controlling or managing taxable business property in a California county and filing form BOE-571-L]** Equipment cost is entered by calendar year of acquisition, including short-lived or expensed equipment, at full cost without deducting investment credits, trade-in allowances or depreciation — so the figure reported is not net book value. → [CG-MCE-075#S24](#s-CG-MCE-075-S24)
- **[California, United States · County assessors and auditor-appraisers conducting property tax audits in California counties, and the assessees they audit]** In verifying personal property the auditor is primarily concerned that full economic property costs and years of acquisition were properly reported, and this information is normally found in two sets of records: general ledger fixed asset accounts or subsidiary ledgers, and depreciation schedules or fixed asset listings. → [CG-MCE-075#S32](#s-CG-MCE-075-S32)
- **[California, United States · businesses owning, claiming, possessing, leasing or controlling tangible personal property in California]** Although the BOE prescribes many types of forms for use by county assessors, taxpayers must obtain the Business Property Statement, and any other required forms, from the county in which the taxable property is legally situated - its more or less permanent location. → [CG-MCE-075#S07](#s-CG-MCE-075-S07)

## What this page establishes

- Who assesses business personal property, and why it is a separate filing from your building and your income tax — Partly established
- What counts as reportable business personal property, and what is left out — Partly established
- The measure the reported figures are stated on — Established
- Deadlines, the assessment date and what follows a late, incorrect or absent return — Partly established
- What you must be able to produce if the reported figures are queried — Partly established
- What this notice actually is, and which office sent it — Partly established
- The instructions that govern your filing are your own jurisdiction's - where to get them — Partly established
- Going through what you hold: equipment in use, written-off items, leasehold improvements, leased and consigned goods, inventory, supplies, vehicles and software — Not established
- Report cost by year of acquisition, not net book value - the authority applies its own schedule — Partly established
- Which of your own records supplies each figure — Partly established
- Getting the asset register ready before you build the return from it — Not established
- The gaps the check exposes: disposals still listed, expensed items never listed, and assets at the wrong site — Partly established
- The assessment date, and reporting by location when you operate at more than one site — Established
- The deadline, any extension, and what happens if you file late or not at all — Partly established
- Exemptions, small-account relief, and filing even when you think nothing is reportable — Partly established (Required authority: primary regulator or government. Highest achieved: primary regulator or government.)
- What to keep after filing, and using it to reconcile next period — Not established

## What this notice actually is, and which office sent it
<a id="need-CG-MCE-075-P1"></a>

- <a id="s-CG-MCE-075-S01"></a>Whether property is classified as real property or personal property matters because tax assessment procedures vary depending on the type of property. _(jurisdiction: California, United States, entity_scope: California property tax assessment)_ `CG-MCE-075#S01`
  > “The classification of property as either real property or personal property is significant because the tax assessment
procedures vary depending on the type of property:” — [California State Board of Equalization — California Property Tax: An Overview, Publication 29](https://www.boe.ca.gov/proptaxes/pdf/pub29.pdf), 2025-03; Taxable Property - Personal Property, p. 7. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S02"></a>The county assessor is an elected official governed by the California Constitution, the laws passed by the Legislature and the rules adopted by the BOE, and an individual county government does not control the county assessor's tasks. _(jurisdiction: California, United States, entity_scope: California county assessors)_ `CG-MCE-075#S02`
  > “The county assessor, an elected official, is governed by the California Constitution, the laws passed by the
Legislature, and the rules adopted by the BOE. An individual county government does not control the county
assessor’s tasks.” — [California State Board of Equalization — California Property Tax: An Overview, Publication 29](https://www.boe.ca.gov/proptaxes/pdf/pub29.pdf), 2025-03; The Role of the County Assessor, p. 6. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S03"></a>A California property statement is a declaration of assessable property signed under penalty of perjury, filed by the assessee and used by the assessor to gather information and determine the assessable value of the property. _(jurisdiction: California, United States, entity_scope: Owners of taxable personal property and fixtures in California, including businesses filing a Business Property Statement with a county assessor)_ `CG-MCE-075#S03`
  > “Property statements are declarations of assessable property signed under penalty of perjury. The
property statements filed by assessees are used by assessors to gather information and ultimately
determine the assessable value of property.227” — [California State Board of Equalization — Assessors' Handbook Section 504, Assessment of Personal Property and Fixtures](https://boe.ca.gov/proptaxes/pdf/AH504.pdf), 2002-10-03; Chapter 7, Property Statements (chapter introduction), page 132. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S04"></a>A rendition is a form that property owners use to report to the appraisal district the taxable property they owned on Jan. 1, and property owners can render both real and personal property. _(jurisdiction: Texas, United States, entity_scope: property owners in Texas filing with an appraisal district)_ `CG-MCE-075#S04`
  > “A rendition is a form that property owners use
to report taxable property owned on Jan. 1 to the
appraisal district.56 Property owners can render
both real and personal property.” — [Texas Comptroller of Public Accounts — Texas Property Tax Basics (publication 96-1425)](https://comptroller.texas.gov/taxes/property-tax/docs/96-1425.pdf), 2026-01; Appraisal — Rendering Property (printed p. 6). Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S05"></a>Under Washington state law the county assessor is responsible for assessing both real and personal property and for calculating the taxes. _(jurisdiction: Washington State, United States, entity_scope: County assessors in Washington; owners of assessed property)_ `CG-MCE-075#S05`
  > “By state law, the county assessor is responsible for the
assessment of real and personal property, including the
calculation of taxes.” — [Washington State Department of Revenue — Personal Property Tax](https://dor.wa.gov/sites/default/files/2022-02/PersProp.pdf), 2022-12; Page 1, section “Administration”. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

_Partly established. Established: what the filing is (S03, S04); who imposes it (S05, S07). Missing: distinguishing it from real property assessment and from income and sales tax filings._

## Who assesses business personal property, and why it is a separate filing from your building and your income tax
<a id="need-CG-MCE-075-C1"></a>

- See above: Whether property is classified as real property or personal property matters because tax assessment procedures vary depending on the type of property. ([CG-MCE-075#S01](#s-CG-MCE-075-S01))

- See above: The county assessor is an elected official governed by the California Constitution, the laws passed by the Legislature and the rules adopted by the BOE, and an individual county government does not control the county assessor's tasks. ([CG-MCE-075#S02](#s-CG-MCE-075-S02))

- See above: A California property statement is a declaration of assessable property signed under penalty of perjury, filed by the assessee and used by the assessor to gather information and determine the assessable value of the property. ([CG-MCE-075#S03](#s-CG-MCE-075-S03))

- See above: Under Washington state law the county assessor is responsible for assessing both real and personal property and for calculating the taxes. ([CG-MCE-075#S05](#s-CG-MCE-075-S05))

- <a id="s-CG-MCE-075-S06"></a>The appraisal district in each Texas county is responsible for appraising the total market value of property each year, and the appraisal district can answer questions about local appraisal processes, exemption administration, agricultural appraisal and the protest process. _(jurisdiction: Texas, United States, entity_scope: appraisal districts in each Texas county)_ `CG-MCE-075#S06`
  > “The appraisal district in each county is responsible
for appraising the total market value of property each
year.19 The appraisal district can answer questions about
local appraisal processes, exemption administration,
agricultural appraisal and the protest process.” — [Texas Comptroller of Public Accounts — Texas Property Tax Basics (publication 96-1425)](https://comptroller.texas.gov/taxes/property-tax/docs/96-1425.pdf), 2026-01; Property Tax Administration (printed p. 2). Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S07"></a>Although the BOE prescribes many types of forms for use by county assessors, taxpayers must obtain the Business Property Statement, and any other required forms, from the county in which the taxable property is legally situated - its more or less permanent location. _(jurisdiction: California, United States, entity_scope: businesses owning, claiming, possessing, leasing or controlling tangible personal property in California)_ `CG-MCE-075#S07`
  > “Although the BOE prescribes many types of forms for use by county assessors, taxpayers must obtain the Business Property Statement , and any other required forms, from the county in which the taxable property is legally situated (the more or less permanent location of the property).” — [California State Board of Equalization — Personal Property - Frequently Asked Questions (FAQs)](https://www.boe.ca.gov/proptaxes/faqs/faqsprop-pp.htm), 2025-06-05; Personal Property - Frequently Asked Questions, Q&A: "I need to file a Business Property Statement. Are BOE prescribed forms available on your website?". Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S51"></a>The general rule is that personal property, both tangible and intangible, is normally listed at the owner's residence - the page states this as the normal case, not an invariable one. _(jurisdiction: North Carolina, United States, entity_scope: owners of tangible and intangible personal property in North Carolina, conditions: stated as the normal position; exceptions exist)_ `CG-MCE-075#S51`
  > “The place for listing personal property (tangible and intangible) is normally the residence of the owner.” — [North Carolina Department of Revenue — Listing Requirements](https://www.ncdor.gov/taxes-forms/property-tax/listing-requirements), web page on the official NCDOR site (Taxes & Forms > Property Tax > Listing Requirements); no edition or revision number shown; accessed 2026-09-09; Listing Requirements - body, second paragraph, second sentence. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

_Partly established. Established: tangible business personal property is assessed and administered by state and local authorities (S05); how a business identifies the authority and instructions that govern its own filing (S07, S08, S09); where the business operates at more than one site and its holdings have to be allocated between assessing authorities (S49, S50). Missing: this is a separate obligation from the assessment of real property and from income and sales tax filings; the obligation, its form and its assessment date are set locally and vary._

## The instructions that govern your filing are your own jurisdiction's - where to get them
<a id="need-CG-MCE-075-P2"></a>

- See above: The appraisal district in each Texas county is responsible for appraising the total market value of property each year, and the appraisal district can answer questions about local appraisal processes, exemption administration, agricultural appraisal and the protest process. ([CG-MCE-075#S06](#s-CG-MCE-075-S06))

- See above: Although the BOE prescribes many types of forms for use by county assessors, taxpayers must obtain the Business Property Statement, and any other required forms, from the county in which the taxable property is legally situated - its more or less permanent location. ([CG-MCE-075#S07](#s-CG-MCE-075-S07))

- <a id="s-CG-MCE-075-S08"></a>Listing forms are obtained from the taxpayer's local county assessor's office. _(jurisdiction: Washington State, United States, entity_scope: Filers of Washington personal property listings)_ `CG-MCE-075#S08`
  > “Listing forms are available from your local
county assessor’s office.” — [Washington State Department of Revenue — Personal Property Tax](https://dor.wa.gov/sites/default/files/2022-02/PersProp.pdf), 2022-12; Page 1, section “Personal property tax forms”. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S09"></a>The Department presents paper filing with the county or township assessor as a way to file, and points filers to county and township assessor contact information. _(jurisdiction: Indiana, United States, entity_scope: filers of Indiana business tangible personal property returns)_ `CG-MCE-075#S09`
  > “Paper Filing with county/township assessor County and township assessor contact information” — [Indiana Department of Local Government Finance — Personal Property](https://www.in.gov/dlgf/assessments/personal-property/), current page; reflects the May 15, 2026 filing date and the IC 6-1.1-3-7.2 exemption threshold as changed for 2026; Personal Property > How to File?. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S10"></a>Taxpayers with questions are directed to contact their local property appraiser. _(jurisdiction: Florida, United States (county ad valorem tangible personal property tax; return filed with the county property appraiser), entity_scope: Owners of tangible personal property used for commercial purposes in Florida who file form DR-405, effective_from: 2018-01)_ `CG-MCE-075#S10`
  > “Contact your local property appraiser if you
have questions.” — [Florida Department of Revenue, Property Tax Oversight — Form DR-405, Tangible Personal Property Tax Return (with instructions)](https://floridarevenue.com/property/Documents/dr405.pdf), 2018-01; Page 3, INSTRUCTIONS, opening paragraph. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S12"></a>Leased property is not normally assessed jointly, and county requirements for filing a Business Property Statement vary with respect to leased equipment. _(jurisdiction: California, United States, entity_scope: businesses owning, claiming, possessing, leasing or controlling tangible personal property in California)_ `CG-MCE-075#S12`
  > “However, property is not normally assessed jointly, and county requirements for the filing of a Business Property Statement vary with respect to leased equipment.” — [California State Board of Equalization — Personal Property - Frequently Asked Questions (FAQs)](https://www.boe.ca.gov/proptaxes/faqs/faqsprop-pp.htm), 2025-06-05; Personal Property - Frequently Asked Questions, Q&A: "Who is required to file the Business Property Statement for leased equipment?". Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

_Partly established. Established: directing the reader to the instructions issued by that authority as the governing source for their own filing (S07, S08). Missing: the reportable categories, exemptions, valuation basis, form and deadline are set by the assessing jurisdiction and vary._

## What counts as reportable business personal property, and what is left out
<a id="need-CG-MCE-075-C2"></a>

- <a id="s-CG-MCE-075-S13"></a>Schedule A reports equipment cost excluding property reported in Part III, and the cost reported includes expensed equipment and fully depreciated items together with sales or use tax, freight and installation costs. _(jurisdiction: California, United States — business personal property assessed by the county Assessor of the county in which the property is situated, entity_scope: Businesses and other assessees owning, claiming, possessing, controlling or managing taxable business property in a California county and filing form BOE-571-L, effective_from: 2026-01-01, conditions: Form BOE-571-L REV. 32 (07-25), Business Property Statement for 2026; Watermarked sample form; the actual form is obtained from the county Assessor)_ `CG-MCE-075#S13`
  > “SCHEDULE A — COST DETAIL: EQUIPMENT (Do not include property reported in Part III.)
Include expensed equipment and fully depreciated items. Include sales or use tax (see instructions for important use tax information), freight and
installation costs. Attach schedules as needed.” — [California State Board of Equalization — BOE-571-L, Business Property Statement (sample form and instructions)](https://www.boe.ca.gov/proptaxes/pdf/sample-boe571l.pdf), 2025-07; Page BOE-571-L (P2) REV. 32 (07-25) — SCHEDULE A — COST DETAIL: EQUIPMENT, heading instructions. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S14"></a>Cost of equipment out on lease or rent, out on a conditional sale agreement, and equipment held for lease or rent which the filer has used or intends to use must be reported on line 3 with supporting schedules, whereas equipment held for lease or rent and not otherwise used by the filer is exempt and should not be reported. _(jurisdiction: California, United States — business personal property assessed by the county Assessor of the county in which the property is situated, entity_scope: Businesses and other assessees owning, claiming, possessing, controlling or managing taxable business property in a California county and filing form BOE-571-L, effective_from: 2026-01-01, conditions: Form BOE-571-L REV. 32 (07-25), Business Property Statement for 2026; Watermarked sample form; the actual form is obtained from the county Assessor)_ `CG-MCE-075#S14`
  > “LINE 3. EQUIPMENT OUT ON LEASE, RENT, OR CONDITIONAL SALE TO OTHERS. Report cost on line 3 and attach schedules
showing the following: equipment actually out on lease or rent, equipment out on a conditional sale agreement, and equipment held for
lease or rent which you have used or intend to use must be reported. Equipment held for lease or rent and not otherwise used by you is
exempt and should not be reported.” — [California State Board of Equalization — BOE-571-L, Business Property Statement (sample form and instructions)](https://www.boe.ca.gov/proptaxes/pdf/sample-boe571l.pdf), 2025-07; Page BOE-571-L (P5) REV. 32 (07-25) — INSTRUCTIONS, Part II, LINE 3. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S15"></a>Supplies are assessable while inventory items are exempt, and business inventory includes all items of personalty that become part of, or are themselves, a product held for sale or lease in the ordinary course of business. _(jurisdiction: California, United States, entity_scope: Owners of taxable personal property and fixtures in California, including businesses filing a Business Property Statement with a county assessor)_ `CG-MCE-075#S15`
  > “It is important to distinguish supplies, which are assessable, from inventory items, which are
exempt. Rule 133(a) identifies business inventory.50 In short, business inventory includes all
items of personalty that become part of or are themselves a product that is held for sale or lease
in the ordinary course of business.” — [California State Board of Equalization — Assessors' Handbook Section 504, Assessment of Personal Property and Fixtures](https://boe.ca.gov/proptaxes/pdf/AH504.pdf), 2002-10-03; Chapter 2, Tangible Personal Property (General Categories)—Business Inventory Exemption, page 21. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S16"></a>Special mobile equipment with SE plates is included and motor vehicles licensed for operation on the highways are excluded, but overweight and oversized rubber-tired vehicles requiring Department of Transportation permits must be reported, except licensed commercial vehicles and cranes. _(jurisdiction: California, United States — business personal property assessed by the county Assessor of the county in which the property is situated, entity_scope: Businesses and other assessees owning, claiming, possessing, controlling or managing taxable business property in a California county and filing form BOE-571-L, effective_from: 2026-01-01, conditions: Form BOE-571-L REV. 32 (07-25), Business Property Statement for 2026; Watermarked sample form; the actual form is obtained from the county Assessor)_ `CG-MCE-075#S16`
  > “Include special mobile equipment (SE Plates). Exclude motor vehicles licensed for operation on the highways. However, you must
report overweight and oversized rubber-tired vehicles, except licensed commercial vehicles and cranes, which require permits
issued by the Department of Transportation to operate on the highways.” — [California State Board of Equalization — BOE-571-L, Business Property Statement (sample form and instructions)](https://www.boe.ca.gov/proptaxes/pdf/sample-boe571l.pdf), 2025-07; Page BOE-571-L (P6) REV. 32 (07-25) — INSTRUCTIONS, SCHEDULE A, LINES 09-44. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S17"></a>Schedule F requires the name and address of each owner of taxable property that is in the filer’s possession or under the filer’s management on Jan. 1 by bailment, lease, consignment or other arrangement. _(jurisdiction: Texas, United States, entity_scope: Persons who own, or manage and control as a fiduciary, tangible personal property used for income production that is taxable in a Texas appraisal district)_ `CG-MCE-075#S17`
  > “SCHEDULE F: Property Under Bailment, Lease, Consignment or Other Arrangement List the name and address of each owner of taxable property that is in your possession or under your management on Jan. 1 by bailment, lease, consignment or other arrangement.” — [Texas Comptroller of Public Accounts — Form 50-144, Business Personal Property Rendition of Taxable Property](https://comptroller.texas.gov/forms/50-144.pdf), 2026-03; Page 3, SCHEDULE F: Property Under Bailment, Lease, Consignment or Other Arrangement. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S18"></a>All leased equipment is subject to personal property tax, including equipment leased under a lease-purchase contract; both lessor and lessee may be requested to list the equipment, and the assessor determines which party is liable for the tax. _(jurisdiction: Washington State, United States, entity_scope: Lessors and lessees of equipment in Washington)_ `CG-MCE-075#S18`
  > “All leased equipment is subject to personal property tax,
even equipment that is leased under a lease-purchase
contract. Both the lessor and the lessee may be requested
to list the equipment. The assessor will determine which
party is liable for the tax.” — [Washington State Department of Revenue — Personal Property Tax](https://dor.wa.gov/sites/default/files/2022-02/PersProp.pdf), 2022-12; Page 3, section “Leased equipment”. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S19"></a>Property reportable on the form may include office furniture, computers, tools, supplies, machines and leasehold improvements; the list is given as examples and is not stated to be exhaustive. _(jurisdiction: Florida, United States (county ad valorem tangible personal property tax; return filed with the county property appraiser), entity_scope: Owners of tangible personal property used for commercial purposes in Florida who file form DR-405, effective_from: 2018-01)_ `CG-MCE-075#S19`
  > “This may include office furniture, computers, tools, supplies, machines, and
leasehold improvements.” — [Florida Department of Revenue, Property Tax Oversight — Form DR-405, Tangible Personal Property Tax Return (with instructions)](https://floridarevenue.com/property/Documents/dr405.pdf), 2018-01; Page 3, INSTRUCTIONS, opening paragraph. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S20"></a>State law requires certain types of personal property to be fully exempt throughout Maryland from any assessment and taxation, and the types given include aircraft, farming implements, residential (non-business) property, most registered vehicles, boats not more than 100 feet in length, customized computer software, and intangible personal property such as stocks, bonds, patents, goodwill and trademarks. _(jurisdiction: Maryland, United States, entity_scope: Personal property in Maryland)_ `CG-MCE-075#S20`
  > “In addition, state law requires that certain types of personal property be fully exempt throughout Maryland from any assessment
and taxation. These include aircraft, farming implements, residential (non-business) property, most registered vehicles, boats not
more than 100 feet in length, customized computer software, intangible personal property (e.g., stocks, bonds, patents, goodwill,
trademarks, etc.).” — [Maryland State Department of Assessments and Taxation — Instructions for 2026 Form 2, Sole Proprietorship and General Partnerships Business Personal Property Tax Return](https://dat.maryland.gov/SiteAssets/Pages/sdatforms/2026%20Form2_Instructions%20FINAL%20updated%202-26-26.pdf), 2026-02-26; General Information and Requirements, item 9) EXEMPTIONS (continued) — Form 2 Instructions, Page 3 of 8. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S23"></a>All tangible personal property employed in a trade or business other than that described in subdivisions A 1 through A 17 must be valued by means of a percentage or percentages of original cost. _(jurisdiction: Virginia (Commonwealth of Virginia) - local tangible personal property tax under Title 58.1, Subtitle III (Local Taxes), entity_scope: tangible personal property employed in a trade or business, conditions: other than property described in subdivisions A 1 through A 17)_ `CG-MCE-075#S23`
  > “18. All tangible personal property employed in a trade or business other than that described in subdivisions 1 through 17, which shall be valued by means of a percentage or percentages of original cost.” — [Virginia General Assembly, Legislative Information System (Code of Virginia) — Code of Virginia § 58.1-3503, General classification of tangible personal property](https://law.lis.virginia.gov/vacode/title58.1/chapter35/section58.1-3503/), 9/9/2026; § 58.1-3503, subdivision A 18 (Title 58.1. Taxation » Chapter 35 » Article 1. Tangible Personal Property Tax). Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

_Partly established. Established: reportability does not follow the business's own treatment of them (S13, S24). Missing: which categories of property are commonly within and outside the scope of such returns, including items in use, items still held after being fully written down or expensed under its own capitalization threshold, leasehold improvements, equipment leased in and out, consigned goods, inventory, supplies, licensed vehicles and intangibles; which categories are determined locally; how exemptions and relief for small holdings typically operate; whether a filing obligation persists where nothing is reportable._

## Going through what you hold: equipment in use, written-off items, leasehold improvements, leased and consigned goods, inventory, supplies, vehicles and software
<a id="need-CG-MCE-075-P3"></a>

- See above: Schedule A reports equipment cost excluding property reported in Part III, and the cost reported includes expensed equipment and fully depreciated items together with sales or use tax, freight and installation costs. ([CG-MCE-075#S13](#s-CG-MCE-075-S13))

- See above: Cost of equipment out on lease or rent, out on a conditional sale agreement, and equipment held for lease or rent which the filer has used or intends to use must be reported on line 3 with supporting schedules, whereas equipment held for lease or rent and not otherwise used by the filer is exempt and should not be reported. ([CG-MCE-075#S14](#s-CG-MCE-075-S14))

- See above: Supplies are assessable while inventory items are exempt, and business inventory includes all items of personalty that become part of, or are themselves, a product held for sale or lease in the ordinary course of business. ([CG-MCE-075#S15](#s-CG-MCE-075-S15))

- See above: Special mobile equipment with SE plates is included and motor vehicles licensed for operation on the highways are excluded, but overweight and oversized rubber-tired vehicles requiring Department of Transportation permits must be reported, except licensed commercial vehicles and cranes. ([CG-MCE-075#S16](#s-CG-MCE-075-S16))

- See above: Schedule F requires the name and address of each owner of taxable property that is in the filer’s possession or under the filer’s management on Jan. 1 by bailment, lease, consignment or other arrangement. ([CG-MCE-075#S17](#s-CG-MCE-075-S17))

- See above: All leased equipment is subject to personal property tax, including equipment leased under a lease-purchase contract; both lessor and lessee may be requested to list the equipment, and the assessor determines which party is liable for the tax. ([CG-MCE-075#S18](#s-CG-MCE-075-S18))

- See above: Property reportable on the form may include office furniture, computers, tools, supplies, machines and leasehold improvements; the list is given as examples and is not stated to be exhaustive. ([CG-MCE-075#S19](#s-CG-MCE-075-S19))

- See above: State law requires certain types of personal property to be fully exempt throughout Maryland from any assessment and taxation, and the types given include aircraft, farming implements, residential (non-business) property, most registered vehicles, boats not more than 100 feet in length, customized computer software, and intangible personal property such as stocks, bonds, patents, goodwill and trademarks. ([CG-MCE-075#S20](#s-CG-MCE-075-S20))

- <a id="s-CG-MCE-075-S22"></a>In Indiana, inventory is no longer taxed as personal property. _(jurisdiction: Indiana, United States, entity_scope: businesses and organizations filing Indiana business tangible personal property returns)_ `CG-MCE-075#S22`
  > “Inventory is no longer taxed.” — [Indiana Department of Local Government Finance — Personal Property](https://www.in.gov/dlgf/assessments/personal-property/), current page; reflects the May 15, 2026 filing date and the IC 6-1.1-3-7.2 exemption threshold as changed for 2026; Personal Property > What is Business Personal Property?. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- See above: All tangible personal property employed in a trade or business other than that described in subdivisions A 1 through A 17 must be valued by means of a percentage or percentages of original cost. ([CG-MCE-075#S23](#s-CG-MCE-075-S23))

_Not established from an authoritative source._

## The measure the reported figures are stated on
<a id="need-CG-MCE-075-C3"></a>

- See above: All tangible personal property employed in a trade or business other than that described in subdivisions A 1 through A 17 must be valued by means of a percentage or percentages of original cost. ([CG-MCE-075#S23](#s-CG-MCE-075-S23))

- <a id="s-CG-MCE-075-S24"></a>Equipment cost is entered by calendar year of acquisition, including short-lived or expensed equipment, at full cost without deducting investment credits, trade-in allowances or depreciation — so the figure reported is not net book value. _(jurisdiction: California, United States — business personal property assessed by the county Assessor of the county in which the property is situated, entity_scope: Businesses and other assessees owning, claiming, possessing, controlling or managing taxable business property in a California county and filing form BOE-571-L, effective_from: 2026-01-01, conditions: Form BOE-571-L REV. 32 (07-25), Business Property Statement for 2026; Watermarked sample form; the actual form is obtained from the county Assessor)_ `CG-MCE-075#S24`
  > “LINES 09-44. Enter in the appropriate column the cost of your equipment segregated by calendar year of acquisition, include short-lived
or expensed equipment. Total each column. Report full cost; do not deduct investment credits, trade-in allowances or depreciation.” — [California State Board of Equalization — BOE-571-L, Business Property Statement (sample form and instructions)](https://www.boe.ca.gov/proptaxes/pdf/sample-boe571l.pdf), 2025-07; Page BOE-571-L (P6) REV. 32 (07-25) — INSTRUCTIONS, SCHEDULE A — COST DETAIL: EQUIPMENT, LINES 09-44. Verified 2026-09-09.

- <a id="s-CG-MCE-075-S25"></a>Except for supplies and construction in progress, property reported by the assessee should be classified and reported by year of acquisition, with the statement instructing the assessee on classification and on the costs to include; the assessee is not required to value the property, since valuation is conducted by the assessor's office. _(jurisdiction: California, United States, entity_scope: Owners of taxable personal property and fixtures in California, including businesses filing a Business Property Statement with a county assessor)_ `CG-MCE-075#S25`
  > “With the exception of supplies and construction in progress (discussed below), property reported
by the assessee should be classified and reported by year of acquisition. The statement gives
instructions to the assessee on classification of the property and applicable costs to be included in
the reported cost of the property. However, the assessee is not required to value the property.255
Valuation is conducted by the assessor's office.256” — [California State Board of Equalization — Assessors' Handbook Section 504, Assessment of Personal Property and Fixtures](https://boe.ca.gov/proptaxes/pdf/AH504.pdf), 2002-10-03; Chapter 7, Specific Sections of The Property Statement—Part II: Declaration of Property Belonging to You, page 142. Verified 2026-09-09.

- <a id="s-CG-MCE-075-S26"></a>The assessor first trends the historical cost of the property to an estimated reproduction or replacement cost new by applying an equipment index factor, then multiplies that trended historical or original cost by a percent good factor to estimate the property's market value as reproduction or replacement cost new less normal depreciation. _(jurisdiction: California, United States, entity_scope: California county assessors and auditor-appraisers assessing business personal property and fixtures, and the businesses whose property they assess)_ `CG-MCE-075#S26`
  > “The first step in
the calculation process is to "trend" the historical cost of the property to an estimated
reproduction or replacement cost new (cost x index factor). This trending is accomplished using
an equipment index factor. The next step is to multiply the trended historical/original cost by a
percent good factor to estimate the market value of the property, reproduction or replacement
cost new less normal depreciation.” — [California State Board of Equalization — Assessors' Handbook Section 504, Assessment of Personal Property and Fixtures](https://boe.ca.gov/proptaxes/pdf/AH504.pdf), 2002-10-03; Chapter 4, Approaches to Value—Cost Approach—Depreciation of Machinery & Equipment—Equipment Index Factors and Percent Good Factors, page 73. Verified 2026-09-09.

- <a id="s-CG-MCE-075-S27"></a>Property in Part II is reported at full cost, meaning 100 percent of actual cost, including excise, sales and use taxes, freight-in, installation charges and all other relevant costs. _(jurisdiction: California, United States — business personal property assessed by the county Assessor of the county in which the property is situated, entity_scope: Businesses and other assessees owning, claiming, possessing, controlling or managing taxable business property in a California county and filing form BOE-571-L, effective_from: 2026-01-01, conditions: Form BOE-571-L REV. 32 (07-25), Business Property Statement for 2026; Watermarked sample form; the actual form is obtained from the county Assessor)_ `CG-MCE-075#S27`
  > “Report full cost (100 percent of actual cost). Include excise, sales, and use taxes, freight-in, installation charges, and all other relevant
costs.” — [California State Board of Equalization — BOE-571-L, Business Property Statement (sample form and instructions)](https://www.boe.ca.gov/proptaxes/pdf/sample-boe571l.pdf), 2025-07; Page BOE-571-L (P5) REV. 32 (07-25) — INSTRUCTIONS, Part II: DECLARATION OF PROPERTY BELONGING TO YOU. Verified 2026-09-09.

- <a id="s-CG-MCE-075-S28"></a>An amount must be provided for either the good faith estimate of market value or a historical cost when new together with the year acquired, and where historical cost when new and year acquired are provided a good faith estimate of market value need not be given. _(jurisdiction: Texas, United States, entity_scope: Persons who own, or manage and control as a fiduciary, tangible personal property used for income production that is taxable in a Texas appraisal district, accounting_basis: Texas ad valorem property tax rendition (good faith estimate of market value, or historical cost when new and year acquired); not a financial-reporting basis)_ `CG-MCE-075#S28`
  > “* Provide an amount for either the good faith estimate of market value, or a historical cost when new and year acquired. If you provided a historical cost when new and year acquired, you need not provide a good faith estimate of market value.” — [Texas Comptroller of Public Accounts — Form 50-144, Business Personal Property Rendition of Taxable Property](https://comptroller.texas.gov/forms/50-144.pdf), 2026-03; Page 2, footnote (*) below SCHEDULE D. Verified 2026-09-09.

- <a id="s-CG-MCE-075-S29"></a>The original cost reported must be the total original installed cost of the equipment before any allowance for depreciation, rather than a depreciated or net book figure. _(jurisdiction: Florida, United States (county ad valorem tangible personal property tax; return filed with the county property appraiser), entity_scope: Owners of tangible personal property used for commercial purposes in Florida who file form DR-405, accounting_basis: Original installed cost as reported on form DR-405 (unadjusted, before any allowance for depreciation), plus the taxpayer's own estimate of fair market value, effective_from: 2018-01)_ `CG-MCE-075#S29`
  > “The original cost must include the total original installed cost of your equipment, before any allowance for depreciation.” — [Florida Department of Revenue, Property Tax Oversight — Form DR-405, Tangible Personal Property Tax Return (with instructions)](https://floridarevenue.com/property/Documents/dr405.pdf), 2018-01; Page 4, COLUMN INSTRUCTIONS, Original Installed Cost. Verified 2026-09-09.

- <a id="s-CG-MCE-075-S30"></a>To assess 'all other personal property' the Department generally applies a 10% rate of depreciation per annum to the reported property, with exceptions to the 10% rate found on the Depreciation Rate Chart. _(jurisdiction: Maryland, United States, entity_scope: Sole proprietorships and general partnerships filing the Maryland Form 2 business personal property tax return)_ `CG-MCE-075#S30`
  > “To assess "all other personal property" the Department generally applies a 10% rate of
depreciation per annum to the reported property. Exceptions to the 10% rate can be found on the Depreciation Rate Chart.” — [Maryland State Department of Assessments and Taxation — Instructions for 2026 Form 2, Sole Proprietorship and General Partnerships Business Personal Property Tax Return](https://dat.maryland.gov/SiteAssets/Pages/sdatforms/2026%20Form2_Instructions%20FINAL%20updated%202-26-26.pdf), 2026-02-26; General Information and Requirements, item 8) WHAT MUST BE REPORTED — Form 2 Instructions, Page 2 of 8. Verified 2026-09-09.

- <a id="s-CG-MCE-075-S31"></a>The filer must include the total purchase cost of each item; that cost excludes sales or use tax but includes costs to make the item usable, such as installation and freight. _(jurisdiction: Washington State, United States, entity_scope: Filers of Washington personal property listings)_ `CG-MCE-075#S31`
  > “• Include the total purchase cost of each item. This
excludes sales or use tax, but includes costs to make
the item usable such as installation and freight.” — [Washington State Department of Revenue — Personal Property Tax](https://dor.wa.gov/sites/default/files/2022-02/PersProp.pdf), 2022-12; Page 1, section “Personal property tax forms”, “When completing the form you must” bullet list (third bullet). Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

## Report cost by year of acquisition, not net book value - the authority applies its own schedule
<a id="need-CG-MCE-075-P4"></a>

- See above: All tangible personal property employed in a trade or business other than that described in subdivisions A 1 through A 17 must be valued by means of a percentage or percentages of original cost. ([CG-MCE-075#S23](#s-CG-MCE-075-S23))

- See above: Equipment cost is entered by calendar year of acquisition, including short-lived or expensed equipment, at full cost without deducting investment credits, trade-in allowances or depreciation — so the figure reported is not net book value. ([CG-MCE-075#S24](#s-CG-MCE-075-S24))

- See above: Except for supplies and construction in progress, property reported by the assessee should be classified and reported by year of acquisition, with the statement instructing the assessee on classification and on the costs to include; the assessee is not required to value the property, since valuation is conducted by the assessor's office. ([CG-MCE-075#S25](#s-CG-MCE-075-S25))

- See above: The assessor first trends the historical cost of the property to an estimated reproduction or replacement cost new by applying an equipment index factor, then multiplies that trended historical or original cost by a percent good factor to estimate the property's market value as reproduction or replacement cost new less normal depreciation. ([CG-MCE-075#S26](#s-CG-MCE-075-S26))

- See above: Property in Part II is reported at full cost, meaning 100 percent of actual cost, including excise, sales and use taxes, freight-in, installation charges and all other relevant costs. ([CG-MCE-075#S27](#s-CG-MCE-075-S27))

- See above: An amount must be provided for either the good faith estimate of market value or a historical cost when new together with the year acquired, and where historical cost when new and year acquired are provided a good faith estimate of market value need not be given. ([CG-MCE-075#S28](#s-CG-MCE-075-S28))

- See above: The original cost reported must be the total original installed cost of the equipment before any allowance for depreciation, rather than a depreciated or net book figure. ([CG-MCE-075#S29](#s-CG-MCE-075-S29))

- See above: To assess 'all other personal property' the Department generally applies a 10% rate of depreciation per annum to the reported property, with exceptions to the 10% rate found on the Depreciation Rate Chart. ([CG-MCE-075#S30](#s-CG-MCE-075-S30))

- See above: The filer must include the total purchase cost of each item; that cost excludes sales or use tax but includes costs to make the item usable, such as installation and freight. ([CG-MCE-075#S31](#s-CG-MCE-075-S31))

_Partly established. Established: the assessing authority applies its own valuation schedule to those figures (S23, S26, S30). Missing: the measure on which reportable property is stated, typically original cost by year of acquisition rather than net book value._

## Which of your own records supplies each figure
<a id="need-CG-MCE-075-P5"></a>

- See above: The filer must include the total purchase cost of each item; that cost excludes sales or use tax but includes costs to make the item usable, such as installation and freight. ([CG-MCE-075#S31](#s-CG-MCE-075-S31))

- <a id="s-CG-MCE-075-S32"></a>In verifying personal property the auditor is primarily concerned that full economic property costs and years of acquisition were properly reported, and this information is normally found in two sets of records: general ledger fixed asset accounts or subsidiary ledgers, and depreciation schedules or fixed asset listings. _(jurisdiction: California, United States, entity_scope: County assessors and auditor-appraisers conducting property tax audits in California counties, and the assessees they audit, conditions: California property tax audit conducted under Revenue and Taxation Code section 469 and Property Tax Rules 191-193)_ `CG-MCE-075#S32`
  > “In the verification of personal property, the auditor is primarily concerned that full economic
property costs and years of acquisition were properly reported. This information is normally
found in two sets of records:
1. General ledger fixed asset accounts or subsidiary ledgers; and
2. Depreciation schedules or fixed asset listings.” — [California State Board of Equalization — Assessors' Handbook Section 506, Property Tax Audits and Audit Program](https://boe.ca.gov/proptaxes/pdf/ah506.pdf), 2015-03; Chapter 4, Verification of Personal Property - Reconciliation of Sources, p. 22. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S33"></a>The principal records listed for obtaining information about leased equipment include the general ledger (accounts such as lease and rental expense, accounts payable and notes payable, which will indicate whether the assessee was making lease or rental payments on the lien date), the cash disbursements journal (amounts and payees of lease and rental payments), lease contracts (whose monthly payment should be compared to the expense accounts), financial statements (whose footnotes summarise rental and lease commitments for operating leases and whose balance sheet gives lease information similar to the general ledger), and other sources such as discussions with the assessee and/or physical inspection of the premises. _(jurisdiction: California, United States, entity_scope: County assessors and auditor-appraisers conducting property tax audits in California counties, and the assessees they audit, conditions: California property tax audit conducted under Revenue and Taxation Code section 469 and Property Tax Rules 191-193)_ `CG-MCE-075#S33`
  > “1. General Ledger. Accounts such as lease and rental expense, accounts payable, and notes
payable in the general ledger will indicate whether the assessee was making lease or
rental payments on the lien date.
2. Cash Disbursements Journal. This record will indicate the amounts and payees of lease
and rental payments.
3. Lease Contracts. The monthly lease payment indicated on the lease contract should be
compared to the amounts shown in the expense accounts. This will verify that all leases
are reported and what costs are included in the lease payment/cost.
4. Financial Statements. The financial statements may indicate not only the existence of
leases but may also give important information associated with such leases. The footnotes
give a summary of the rental and lease commitments regarding operating leases (shortterm or cancelable leases, for which the risks of ownership lie with the lessor, Financial
Accounting Standards Board Statement No. 13 Accounting for Leases). The balance sheet
gives information regarding leases similar to that found in the general ledger accounts.
5. Other Sources. Discussions with the assessee and/or physical inspection of the premises
may indicate the existence of leased equipment.” — [California State Board of Equalization — Assessors' Handbook Section 506, Property Tax Audits and Audit Program](https://boe.ca.gov/proptaxes/pdf/ah506.pdf), 2015-03; Chapter 4, Verification and Identification of Leased Personal Property, p. 28. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S34"></a>Where the assessee keeps a supply inventory account in the general ledger the auditor must verify it is properly maintained and contains all purchases received before the lien date, a review of inventory accounts is often warranted because some items booked as inventory may be assessable supplies, and where supplies are expensed the auditor must review the supply expense accounts for the prior year. _(jurisdiction: California, United States, entity_scope: California county assessors and auditor-appraisers assessing business personal property and fixtures, and the businesses whose property they assess)_ `CG-MCE-075#S34`
  > “Where the assessee maintains a supply inventory account in the general ledger, the auditor must
verify that the account is properly maintained and contains all purchases received prior to the
lien date. A review of inventory accounts for supply items is often warranted also, as some items
booked as inventory may be assessable supply items. Where supplies are expensed, the auditor
must review the supply expense accounts over the prior year.” — [California State Board of Equalization — Assessors' Handbook Section 504, Assessment of Personal Property and Fixtures](https://boe.ca.gov/proptaxes/pdf/AH504.pdf), 2002-10-03; Chapter 8, Conducting an Audit—Review Records—Verification of Supplies, page 166. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S35"></a>Short-lived equipment is given as an example of equipment that may not be included on the depreciation schedule or in the general ledger asset accounts because it may not be capitalized; equipment such as hand tools is commonly expensed rather than capitalized depending on the assessee's capitalization policy; expense accounts should be reviewed for these types of items as well as for leased equipment; and leased equipment may be identified by reviewing accounting records for lease payments noted in Notes Payable and/or Expense Accounts. _(jurisdiction: California, United States, entity_scope: County assessors and auditor-appraisers conducting property tax audits in California counties, and the assessees they audit, conditions: California property tax audit conducted under Revenue and Taxation Code section 469 and Property Tax Rules 191-193)_ `CG-MCE-075#S35`
  > “Short-lived equipment is an
example of equipment that may not be included on the depreciation schedule and in the general
ledger asset accounts because this type of equipment may not be capitalized. Equipment such as
hand tools are commonly expensed rather than capitalized, depending upon the assessee's
capitalization policy. Expense accounts should be reviewed for these types of items as well as
leased equipment. Leased equipment may be identified by reviewing accounting records for
lease payments noted in Notes Payable and/or Expense Accounts.” — [California State Board of Equalization — Assessors' Handbook Section 506, Property Tax Audits and Audit Program](https://boe.ca.gov/proptaxes/pdf/ah506.pdf), 2015-03; Chapter 4, Verification of Personal Property - Other Adjustments, p. 24. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S36"></a>Leased property and office rental equipment are not considered commercial inventory and should be reported on a separate schedule showing the names and addresses of lessees, lease numbers, description of property, installation date and original cost by year of acquisition for each location, with leases grouped by the county where the property is located. _(jurisdiction: Maryland, United States, entity_scope: Sole proprietorships and general partnerships filing the Maryland Form 2 business personal property tax return)_ `CG-MCE-075#S36`
  > “Leased property and office rental equipment are not considered commercial inventory and should be reported on a separate
schedule showing the names and addresses of lessees, lease numbers, description of property, installation date and original cost by
year of acquisition for each location. Schedules should group leases by county where the property is located.” — [Maryland State Department of Assessments and Taxation — Instructions for 2026 Form 2, Sole Proprietorship and General Partnerships Business Personal Property Tax Return](https://dat.maryland.gov/SiteAssets/Pages/sdatforms/2026%20Form2_Instructions%20FINAL%20updated%202-26-26.pdf), 2026-02-26; SPECIFIC INSTRUCTIONS FOR FORM 2, LINE ITEM 2 — Form 2 Instructions, Page 5 of 8. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S37"></a>Equipment borrowed, rented or leased from others must be reported in the second section of page 2 with the owner or lessor's name and address, a description, the year acquired, year of manufacture (if known), the monthly rent, the amount it would originally have cost new, and whether there is an option to buy at the end of the term. _(jurisdiction: Florida, United States (county ad valorem tangible personal property tax; return filed with the county property appraiser), entity_scope: Owners of tangible personal property used for commercial purposes in Florida who file form DR-405, accounting_basis: Original installed cost as reported on form DR-405 (unadjusted, before any allowance for depreciation), plus the taxpayer's own estimate of fair market value, effective_from: 2018-01, conditions: Equipment borrowed, rented or leased from others)_ `CG-MCE-075#S37`
  > “If you borrowed, rented, or leased equipment from others, enter the name and address of the owner or lessor in the
second section of page 2. Include a description of the equipment, year you acquired it, year of manufacture (if known),
the monthly rent, the amount it would have originally cost had you bought it new, and indicate if you have an option to
buy the equipment at the end of the term.” — [Florida Department of Revenue, Property Tax Oversight — Form DR-405, Tangible Personal Property Tax Return (with instructions)](https://floridarevenue.com/property/Documents/dr405.pdf), 2018-01; Page 4, COLUMN INSTRUCTIONS, Leased, Loaned, and Rented Equipment. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

_Partly established. Established: the fixed-asset register for owned property by acquisition year (S32); the leased-equipment schedule (S33); the disposals record since the last filing (S41). Missing: the supplies and inventory balances._

## Getting the asset register ready before you build the return from it
<a id="need-CG-MCE-075-P6"></a>

- <a id="s-CG-MCE-075-S38"></a>When two sets of records are available the auditor should reconcile the records, and that reconciliation can aid in compiling a complete and accurate asset list, cost summary, or complete listing of revenue and expenses that can be used as a basis for the audit. _(jurisdiction: California, United States, entity_scope: County assessors and auditor-appraisers conducting property tax audits in California counties, and the assessees they audit, conditions: California property tax audit conducted under Revenue and Taxation Code section 469 and Property Tax Rules 191-193; both a general ledger/subsidiary ledger set and a depreciation schedule/fixed asset listing are available)_ `CG-MCE-075#S38`
  > “When two sets of records are available, the auditor should reconcile the records. This
reconciliation can aid in compiling a complete and accurate asset list, cost summary, or a
complete listing of revenue and expenses, as needed, that can be used as a basis for the audit.” — [California State Board of Equalization — Assessors' Handbook Section 506, Property Tax Audits and Audit Program](https://boe.ca.gov/proptaxes/pdf/ah506.pdf), 2015-03; Chapter 4, Verification of Personal Property - Reconciliation of Sources, p. 22. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S39"></a>An assessee's policy and schedule for recording disposals aids an auditor in determining how accurately an asset listing represents the assets owned and possessed by the assessee; because the process of retirement and disposal is generally not as rigid as the purchase, there may be assets on the books that have been disposed, and it may be necessary to request supporting documentation from the assessee if this is a contention. _(jurisdiction: California, United States, entity_scope: County assessors and auditor-appraisers conducting property tax audits in California counties, and the assessees they audit, conditions: California property tax audit conducted under Revenue and Taxation Code section 469 and Property Tax Rules 191-193)_ `CG-MCE-075#S39`
  > “NOTE: An assessee's policy and schedule for recording disposals aids an auditor in
determining how accurately an asset listing represents the assets owned and possessed by
the assessee. However, it is important to note that the process of retirement and disposal
is generally not as rigid as the purchase. There may be assets on the books that have been
disposed. It may be necessary to request supporting documentation from the assessee if
this is a contention.” — [California State Board of Equalization — Assessors' Handbook Section 506, Property Tax Audits and Audit Program](https://boe.ca.gov/proptaxes/pdf/ah506.pdf), 2015-03; Chapter 4, Initial Audit Interview, note following question 7, p. 21. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S40"></a>Certain items may cause difficulties in reporting and valuation, and an auditor may avoid some of them by discovering information sufficient to answer whether the reported or booked cost includes all property costs such as sales/use tax, freight and installation; whether all taxable property is listed in the accounting records, with examples including fully-depreciated equipment, leased equipment, property belonging to other entities, expensed personal property, equipment purchased near the lien date and interest during construction; and whether all booked costs contribute to assessable value, with examples including goodwill, covenant not to compete, unrecorded disposals, exempt property, rental equipment not on rent on the lien date, inventory, licensed vehicles and commercial coaches. _(jurisdiction: California, United States, entity_scope: County assessors and auditor-appraisers conducting property tax audits in California counties, and the assessees they audit, conditions: California property tax audit conducted under Revenue and Taxation Code section 469 and Property Tax Rules 191-193)_ `CG-MCE-075#S40`
  > “Certain items may cause difficulties in reporting and valuations. In reviewing an assessee's
records and reported costs, an auditor may avoid some of these difficulties by discovering
information sufficient to answer the following questions:
1. Does the reported or booked cost include all property costs? (Sales/use tax, freight,
installation, etc.)
2. Is all taxable property listed in the accounting records? (Fully-depreciated equipment,
leased equipment, property belonging to other entities, expensed personal property,
equipment purchased near lien date, interest during construction, etc.)
3. Do all booked costs contribute to assessable value? (Goodwill, covenant not to compete,
unrecorded disposals, exempt property, rental equipment not on rent on the lien date,
inventory, licensed vehicles, commercial coaches, etc.)” — [California State Board of Equalization — Assessors' Handbook Section 506, Property Tax Audits and Audit Program](https://boe.ca.gov/proptaxes/pdf/ah506.pdf), 2015-03; Chapter 4, Items or Audits Requiring Special Attention, p. 28. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S41"></a>Where there were additions or disposals in Schedule B columns 1 to 4 during January 1, 2025 through December 31, 2025, a schedule showing the month and year and description of each addition and disposal must be attached. _(jurisdiction: California, United States — business personal property assessed by the county Assessor of the county in which the property is situated, entity_scope: Businesses and other assessees owning, claiming, possessing, controlling or managing taxable business property in a California county and filing form BOE-571-L, effective_from: 2026-01-01, conditions: Form BOE-571-L REV. 32 (07-25), Business Property Statement for 2026; Watermarked sample form; the actual form is obtained from the county Assessor)_ `CG-MCE-075#S41`
  > “If you had any additions or disposals reported in Columns 1, 2, 3, or 4 during the period of January 1, 2025 th ro ugh
December 31, 2025, attach a schedule showing the month and year and description of each addition and disposal.” — [California State Board of Equalization — BOE-571-L, Business Property Statement (sample form and instructions)](https://www.boe.ca.gov/proptaxes/pdf/sample-boe571l.pdf), 2025-07; Page BOE-571-L (P6) REV. 32 (07-25) — INSTRUCTIONS, SCHEDULE B, LINES 45-69. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S42"></a>Once property is on the tax rolls the assessor mails a new listing form each year, and the owner then has an opportunity to add or delete property as appropriate and return the form to the county assessor by April 30. _(jurisdiction: Washington State, United States, entity_scope: Owners of personal property already listed on the Washington tax rolls)_ `CG-MCE-075#S42`
  > “Once property is listed on the tax rolls, the assessor mails
a new listing form each year. You then have an
opportunity to add or delete property, as appropriate,
and return the form to the county assessor by April 30.” — [Washington State Department of Revenue — Personal Property Tax](https://dor.wa.gov/sites/default/files/2022-02/PersProp.pdf), 2022-12; Page 1, section “Personal property tax forms”. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

_Not established from an authoritative source._

## The gaps the check exposes: disposals still listed, expensed items never listed, and assets at the wrong site
<a id="need-CG-MCE-075-P7"></a>

- See above: Short-lived equipment is given as an example of equipment that may not be included on the depreciation schedule or in the general ledger asset accounts because it may not be capitalized; equipment such as hand tools is commonly expensed rather than capitalized depending on the assessee's capitalization policy; expense accounts should be reviewed for these types of items as well as for leased equipment; and leased equipment may be identified by reviewing accounting records for lease payments noted in Notes Payable and/or Expense Accounts. ([CG-MCE-075#S35](#s-CG-MCE-075-S35))

- See above: An assessee's policy and schedule for recording disposals aids an auditor in determining how accurately an asset listing represents the assets owned and possessed by the assessee; because the process of retirement and disposal is generally not as rigid as the purchase, there may be assets on the books that have been disposed, and it may be necessary to request supporting documentation from the assessee if this is a contention. ([CG-MCE-075#S39](#s-CG-MCE-075-S39))

- See above: Certain items may cause difficulties in reporting and valuation, and an auditor may avoid some of them by discovering information sufficient to answer whether the reported or booked cost includes all property costs such as sales/use tax, freight and installation; whether all taxable property is listed in the accounting records, with examples including fully-depreciated equipment, leased equipment, property belonging to other entities, expensed personal property, equipment purchased near the lien date and interest during construction; and whether all booked costs contribute to assessable value, with examples including goodwill, covenant not to compete, unrecorded disposals, exempt property, rental equipment not on rent on the lien date, inventory, licensed vehicles and commercial coaches. ([CG-MCE-075#S40](#s-CG-MCE-075-S40))

- See above: Once property is on the tax rolls the assessor mails a new listing form each year, and the owner then has an opportunity to add or delete property as appropriate and return the form to the county assessor by April 30. ([CG-MCE-075#S42](#s-CG-MCE-075-S42))

- <a id="s-CG-MCE-075-S45"></a>The initial audit interview questions on situs ask where assets are located, whether all assets are at one location, whether all assets are in the county, and whether all assets are in the state. _(jurisdiction: California, United States, entity_scope: County assessors and auditor-appraisers conducting property tax audits in California counties, and the assessees they audit, conditions: Board-adopted handbook section; advisory guidance to county assessors, not binding law; California property tax audit conducted under Revenue and Taxation Code section 469 and Property Tax Rules 191-193)_ `CG-MCE-075#S45`
  > “8. Situs. Where are assets located? Are all assets at one location? Are all assets in the
county? Are all assets in the state?” — [California State Board of Equalization — Assessors' Handbook Section 506, Property Tax Audits and Audit Program](https://boe.ca.gov/proptaxes/pdf/ah506.pdf), 2015-03; Chapter 4, Initial Audit Interview, question 8 (Situs), p. 21. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

_Partly established. Established: assets disposed of but never removed from the register (S39, S40); assets in use that were expensed under the capitalization threshold and never entered it (S35, S40). Missing: assets whose location the register does not distinguish._

## The assessment date, and reporting by location when you operate at more than one site
<a id="need-CG-MCE-075-P8"></a>

- <a id="s-CG-MCE-075-S46"></a>California law prescribes a yearly ad valorem tax based on property as it exists at 12:01 a.m. on January 1, the tax lien date. _(jurisdiction: California, United States — business personal property assessed by the county Assessor of the county in which the property is situated, entity_scope: Businesses and other assessees owning, claiming, possessing, controlling or managing taxable business property in a California county and filing form BOE-571-L, conditions: Form BOE-571-L REV. 32 (07-25), Business Property Statement for 2026; Watermarked sample form; the actual form is obtained from the county Assessor)_ `CG-MCE-075#S46`
  > “California law prescribes a yearly ad valorem tax based on property as it exists at 12:01 a.m. on January 1 (tax lien date).” — [California State Board of Equalization — BOE-571-L, Business Property Statement (sample form and instructions)](https://www.boe.ca.gov/proptaxes/pdf/sample-boe571l.pdf), 2025-07; Page BOE-571-L (P4) REV. 32 (07-25) — OFFICIAL REQUEST, first paragraph. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S47"></a>Sale or disposal of personal property between the lien date and the start of the fiscal year does not relieve the assessee of tax liability, except where the assessment is secured and the new real property owner never owns, claims, possesses or controls the personal property between the lien date and the date of assessment; California personal property taxes are not prorated and are assessed to the owner on the lien date. _(jurisdiction: California, United States, entity_scope: California county assessors and auditor-appraisers assessing business personal property and fixtures, and the businesses whose property they assess)_ `CG-MCE-075#S47`
  > “Sale or disposal of the personal property (business property,
vessels, and aircraft) between the lien date and start of the fiscal year does not relieve the
assessee of any tax liability250 unless the assessment is secured and the new real property owner
does not own, claim, possess, or control the personal property at any time between the lien date
and the date the assessment was made.251 Personal property taxes are not prorated and are
assessed to the owner on the lien date.” — [California State Board of Equalization — Assessors' Handbook Section 504, Assessment of Personal Property and Fixtures](https://boe.ca.gov/proptaxes/pdf/AH504.pdf), 2002-10-03; Chapter 7, Processing Property Statements—Preliminary Review: Required Information—Tax Day, page 140. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S48"></a>The original form must be returned, copies will not be accepted, and a separate statement must be filed for each location. _(jurisdiction: California, United States — business personal property assessed by the county Assessor of the county in which the property is situated, entity_scope: Businesses and other assessees owning, claiming, possessing, controlling or managing taxable business property in a California county and filing form BOE-571-L, effective_from: 2026-01-01, conditions: Form BOE-571-L REV. 32 (07-25), Business Property Statement for 2026; Watermarked sample form; the actual form is obtained from the county Assessor)_ `CG-MCE-075#S48`
  > “RETURN THIS ORIGINAL FORM. COPIES WILL NOT BE ACCEPTED.
FILE A SEPARATE STATEMENT FOR EACH LOCATION.” — [California State Board of Equalization — BOE-571-L, Business Property Statement (sample form and instructions)](https://www.boe.ca.gov/proptaxes/pdf/sample-boe571l.pdf), 2025-07; Page BOE-571-L (P1) REV. 32 (07-25) — face of form, under LOCATION OF THE BUSINESS PROPERTY. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S49"></a>It is important that property be reported to the appropriate county as well as that its situs be reported, and it is not uncommon for an assessee owning several businesses at various California locations to file a statement with the wrong county. _(jurisdiction: California, United States, entity_scope: California county assessors and auditor-appraisers assessing business personal property and fixtures, and the businesses whose property they assess)_ `CG-MCE-075#S49`
  > “It is not only important to verify that the situs of the property is reported, but that the property is
reported to the appropriate county. It is not uncommon for an assessee, owning several
businesses at various locations in California, to file a statement with the wrong county.” — [California State Board of Equalization — Assessors' Handbook Section 504, Assessment of Personal Property and Fixtures](https://boe.ca.gov/proptaxes/pdf/AH504.pdf), 2002-10-03; Chapter 7, Processing Property Statements—Preliminary Review: Required Information—Situs, page 138. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S50"></a>A business with multiple locations must complete a separate listing for each location, and the assessed value is allocated to the taxing district based on where the property is located. _(jurisdiction: Washington State, United States, entity_scope: Businesses with multiple locations in Washington)_ `CG-MCE-075#S50`
  > “If
you have multiple business locations, you must complete
a separate listing for each location. The assessed value is
allocated to the taxing district based on where the
property is located.” — [Washington State Department of Revenue — Personal Property Tax](https://dor.wa.gov/sites/default/files/2022-02/PersProp.pdf), 2022-12; Page 1, section “Personal property tax forms”. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- See above: The general rule is that personal property, both tangible and intangible, is normally listed at the owner's residence - the page states this as the normal case, not an invariable one. ([CG-MCE-075#S51](#s-CG-MCE-075-S51))

- <a id="s-CG-MCE-075-S52"></a>A single return must be filed for each site in the county where the owner transacts business, and where there is freestanding property at multiple sites other than where business is transacted, a single return covering all freestanding property located in the county is filed in addition to the return for the business site. _(jurisdiction: Florida, United States, entity_scope: Florida TPP owners with property at more than one location in a county)_ `CG-MCE-075#S52`
  > “You must file a single return for each site in the county where you transact business. If you have freestanding property at multiple sites other than where you transact business, file a single return for all freestanding property located in the county in addition to the return for the site where you transact business.​” — [Florida Department of Revenue, Property Tax Oversight — Tangible Personal Property (Taxpayers)](https://floridarevenue.com/property/Pages/Taxpayers_TangiblePersonalProperty.aspx), Web page, Florida Department of Revenue Property Tax Oversight, Taxpayers section; no edition or publication date shown on page; accessed 2026-09-09; Frequently Asked Questions About Tangible Personal Property (TPP) > "I have TPP in multiple locations. How many returns should I file?". Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S53"></a>The property address is the physical address of the personal property on Jan. 1 of the current tax year, and normally the property is taxable by the taxing unit where the property is located. _(jurisdiction: Texas, United States, entity_scope: Persons who own, or manage and control as a fiduciary, tangible personal property used for income production that is taxable in a Texas appraisal district)_ `CG-MCE-075#S53`
  > “Property Address: The physical address of the personal property on Jan. 1 of the current tax year. Normally, the property is taxable by the taxing unit where the property is located.” — [Texas Comptroller of Public Accounts — Form 50-144, Business Personal Property Rendition of Taxable Property](https://comptroller.texas.gov/forms/50-144.pdf), 2026-03; Page 4, Definitions — Property Address. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S54"></a>All returns cover the calendar year regardless of the business's fiscal year, and all information required in the return is to be given as of January 1, except line items 2 and 4, which refer to the twelve calendar months of the prior year. _(jurisdiction: Maryland, United States, entity_scope: Sole proprietorships and general partnerships filing the Maryland Form 2 business personal property tax return)_ `CG-MCE-075#S54`
  > “All returns shall cover the calendar year regardless of any fiscal year. All information required in this return shall be given as of
January 1, except line items 2 and 4, which refer to the twelve calendar months of the prior year).” — [Maryland State Department of Assessments and Taxation — Instructions for 2026 Form 2, Sole Proprietorship and General Partnerships Business Personal Property Tax Return](https://dat.maryland.gov/SiteAssets/Pages/sdatforms/2026%20Form2_Instructions%20FINAL%20updated%202-26-26.pdf), 2026-02-26; General Information and Requirements, item 7) PERIOD COVERED — Form 2 Instructions, Page 2 of 8. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

## Deadlines, the assessment date and what follows a late, incorrect or absent return
<a id="need-CG-MCE-075-C4"></a>

- See above: California law prescribes a yearly ad valorem tax based on property as it exists at 12:01 a.m. on January 1, the tax lien date. ([CG-MCE-075#S46](#s-CG-MCE-075-S46))

- See above: Sale or disposal of personal property between the lien date and the start of the fiscal year does not relieve the assessee of tax liability, except where the assessment is secured and the new real property owner never owns, claims, possesses or controls the personal property between the lien date and the date of assessment; California personal property taxes are not prorated and are assessed to the owner on the lien date. ([CG-MCE-075#S47](#s-CG-MCE-075-S47))

- <a id="s-CG-MCE-075-S55"></a>The form directs that the return be filed by April 1, 2026. _(jurisdiction: California, United States — business personal property assessed by the county Assessor of the county in which the property is situated, entity_scope: Businesses and other assessees owning, claiming, possessing, controlling or managing taxable business property in a California county and filing form BOE-571-L, effective_from: 2026-01-01, conditions: Form BOE-571-L REV. 32 (07-25), Business Property Statement for 2026; Watermarked sample form; the actual form is obtained from the county Assessor)_ `CG-MCE-075#S55`
  > “FILE RETURN BY APRIL 1, 2026” — [California State Board of Equalization — BOE-571-L, Business Property Statement (sample form and instructions)](https://www.boe.ca.gov/proptaxes/pdf/sample-boe571l.pdf), 2025-07; Page BOE-571-L (P1) REV. 32 (07-25) — face of form, above name and mailing address. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S56"></a>Failure to file the statement within the time provided by section 441 of the Revenue and Taxation Code compels the Assessor to estimate the value of the property from other information in the Assessor's possession and to add a penalty of 10 percent of the assessed value under section 463. _(jurisdiction: California, United States — business personal property assessed by the county Assessor of the county in which the property is situated, entity_scope: Businesses and other assessees owning, claiming, possessing, controlling or managing taxable business property in a California county and filing form BOE-571-L, effective_from: 2026-01-01, conditions: Form BOE-571-L REV. 32 (07-25), Business Property Statement for 2026; Watermarked sample form; the actual form is obtained from the county Assessor)_ `CG-MCE-075#S56`
  > “Failure to file the statement during the time provided in
section 441 of the Revenue and Taxation Code will compel the Assessor to estimate the value of your property from other information in
the Assessor’s possession and add a penalty of 10 percent of the assessed value as required by section 463 of the Code.” — [California State Board of Equalization — BOE-571-L, Business Property Statement (sample form and instructions)](https://www.boe.ca.gov/proptaxes/pdf/sample-boe571l.pdf), 2025-07; Page BOE-571-L (P4) REV. 32 (07-25) — OFFICIAL REQUEST, first paragraph. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S57"></a>A property owner may request an extension in writing to file their rendition report by May 15; the chief appraiser must grant this request and may extend the deadline another 15 days beyond May 15 if the property owner can show good cause for needing an extension. _(jurisdiction: Texas, United States, entity_scope: Texas property owners filing renditions, conditions: request made in writing; further 15-day extension only if the owner can show good cause)_ `CG-MCE-075#S57`
  > “A property owner may request an extension in

taxable property in the county. Each property’s listing

writing to file their rendition report by May 15. The chief

must contain a property description and the owner’s

appraiser must grant this request and may extend the

name and address. The appraisal district must repeat

deadline another 15 days beyond May 15 if the property

its appraisal process for property at least once every

owner can show good cause for needing an extension.61” — [Texas Comptroller of Public Accounts — Texas Property Tax Basics (publication 96-1425)](https://comptroller.texas.gov/taxes/property-tax/docs/96-1425.pdf), 2026-01; Appraisal — Rendering Property (printed p. 6; two-column text interleaved in the pinned extraction). Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S58"></a>To avoid a penalty the assessor must receive the listing form by April 30; if the assessor does not receive the form they will estimate the value of the property based on the best information available and may apply a penalty. _(jurisdiction: Washington State, United States, entity_scope: Filers of Washington personal property listings)_ `CG-MCE-075#S58`
  > “To avoid a penalty, the assessor must receive your listing
form by April 30. If the assessor does not receive your
form, they will estimate the value of the property based
on the best information available and may apply a
penalty.” — [Washington State Department of Revenue — Personal Property Tax](https://dor.wa.gov/sites/default/files/2022-02/PersProp.pdf), 2022-12; Page 2, section “Penalty for failing to file”. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S59"></a>Failure to file results in a penalty of 25 percent of the total tax levied against the property for each year no return is filed. _(jurisdiction: Florida, United States, entity_scope: Florida TPP filers, conditions: no return filed for the year)_ `CG-MCE-075#S59`
  > “Failure to file will result in a penalty of 25 percent of the total tax levied against the property for each year that you do not file a return.” — [Florida Department of Revenue, Property Tax Oversight — Tangible Personal Property (Taxpayers)](https://floridarevenue.com/property/Pages/Taxpayers_TangiblePersonalProperty.aspx), Web page, Florida Department of Revenue Property Tax Oversight, Taxpayers section; no edition or publication date shown on page; accessed 2026-09-09; Frequently Asked Questions About Tangible Personal Property (TPP) > "What happens if I don’t file a TPP return or file a late return? What is meant by “timely” in section 196.183, F.S.?". Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S60"></a>A business that fails to file this return will likely receive an estimated assessment. _(jurisdiction: Maryland, United States, entity_scope: Sole proprietorships and general partnerships filing the Maryland Form 2 business personal property tax return)_ `CG-MCE-075#S60`
  > “A business which fails to file this return will likely receive an
estimated assessment.” — [Maryland State Department of Assessments and Taxation — Instructions for 2026 Form 2, Sole Proprietorship and General Partnerships Business Personal Property Tax Return](https://dat.maryland.gov/SiteAssets/Pages/sdatforms/2026%20Form2_Instructions%20FINAL%20updated%202-26-26.pdf), 2026-02-26; General Information and Requirements, item 1) WHO MUST FILE A RETURN — Form 2 Instructions, Page 1 of 8. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S61"></a>An individual extension of time to list may be granted for good cause, running no later than April 15, where the taxpayer applied for it during the regular listing period. _(jurisdiction: North Carolina, United States, entity_scope: individual listers seeking their own extension, conditions: good cause shown; application made during the regular listing period; extension runs up to April 15)_ `CG-MCE-075#S61`
  > “Individual extensions of time to list for good cause may be granted up to April 15 if applied for during the regular listing period.” — [North Carolina Department of Revenue — Listing Requirements](https://www.ncdor.gov/taxes-forms/property-tax/listing-requirements), web page on the official NCDOR site (Taxes & Forms > Property Tax > Listing Requirements); no edition or revision number shown; accessed 2026-09-09; Listing Requirements - body, first paragraph, fourth sentence. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S62"></a>The Department states the filing due date for the Indiana business tangible personal property return as May 15, 2026. _(jurisdiction: Indiana, United States, entity_scope: filers of Indiana business tangible personal property returns, conditions: the date given under the page's 'Filing Due Date' heading)_ `CG-MCE-075#S62`
  > “May 15, 2026” — [Indiana Department of Local Government Finance — Personal Property](https://www.in.gov/dlgf/assessments/personal-property/), current page; reflects the May 15, 2026 filing date and the IC 6-1.1-3-7.2 exemption threshold as changed for 2026; Personal Property > Filing Due Date. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

_Partly established. Established: it is the property held on the assessment date rather than when the form is completed that the return reports (S04, S54). Missing: how filing deadlines, extension mechanisms and the assessment date are set for these returns; the classes of consequence that follow a late, incorrect or absent return, including an assessment raised in the absence of one._

## The deadline, any extension, and what happens if you file late or not at all
<a id="need-CG-MCE-075-P9"></a>

- See above: The form directs that the return be filed by April 1, 2026. ([CG-MCE-075#S55](#s-CG-MCE-075-S55))

- See above: Failure to file the statement within the time provided by section 441 of the Revenue and Taxation Code compels the Assessor to estimate the value of the property from other information in the Assessor's possession and to add a penalty of 10 percent of the assessed value under section 463. ([CG-MCE-075#S56](#s-CG-MCE-075-S56))

- See above: A property owner may request an extension in writing to file their rendition report by May 15; the chief appraiser must grant this request and may extend the deadline another 15 days beyond May 15 if the property owner can show good cause for needing an extension. ([CG-MCE-075#S57](#s-CG-MCE-075-S57))

- See above: To avoid a penalty the assessor must receive the listing form by April 30; if the assessor does not receive the form they will estimate the value of the property based on the best information available and may apply a penalty. ([CG-MCE-075#S58](#s-CG-MCE-075-S58))

- See above: Failure to file results in a penalty of 25 percent of the total tax levied against the property for each year no return is filed. ([CG-MCE-075#S59](#s-CG-MCE-075-S59))

- See above: A business that fails to file this return will likely receive an estimated assessment. ([CG-MCE-075#S60](#s-CG-MCE-075-S60))

- See above: An individual extension of time to list may be granted for good cause, running no later than April 15, where the taxpayer applied for it during the regular listing period. ([CG-MCE-075#S61](#s-CG-MCE-075-S61))

- See above: The Department states the filing due date for the Indiana business tangible personal property return as May 15, 2026. ([CG-MCE-075#S62](#s-CG-MCE-075-S62))

_Partly established. Established: the deadline (S42, S55, S58, S62); any extension mechanism (S57, S61). Missing: the classes of consequence for a late, incorrect or absent return, including an assessment raised by the authority when no return is filed._

## Exemptions, small-account relief, and filing even when you think nothing is reportable
<a id="need-CG-MCE-075-P10"></a>

- <a id="s-CG-MCE-075-S63"></a>Not all California property tax exemptions are automatic; some are allowed only if the appropriate forms are filed timely, and in those cases the property remains assessable unless an exemption claim is filed and approved. _(jurisdiction: California, United States, entity_scope: Owners of taxable personal property and fixtures in California, including businesses filing a Business Property Statement with a county assessor)_ `CG-MCE-075#S63`
  > “It is also important to note that not
all exemptions are automatic. Some are allowed only if appropriate forms are filed timely.18 In
these cases, the property remains assessable unless an exemption claim is filed and approved.” — [California State Board of Equalization — Assessors' Handbook Section 504, Assessment of Personal Property and Fixtures](https://boe.ca.gov/proptaxes/pdf/AH504.pdf), 2002-10-03; Chapter 1, Assessability of Property—Taxable Property v. Exempt Property, page 4. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S64"></a>The publication discusses only some of the major California property tax exemptions, and states that issues regarding many of these exemptions are complex and that the assessor's office should be consulted for detailed requirements. _(jurisdiction: California, United States, entity_scope: California property tax exemptions)_ `CG-MCE-075#S64`
  > “Following is a brief discussion of some of the major property tax exemptions in California. Please note that
issues regarding many of these exemptions are complex; the assessor’s office should be consulted for detailed
requirements regarding exemptions.” — [California State Board of Equalization — California Property Tax: An Overview, Publication 29](https://www.boe.ca.gov/proptaxes/pdf/pub29.pdf), 2025-03; Property Tax Exemptions, p. 8. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S65"></a>A county board of supervisors may adopt an ordinance under section 155.20 implementing the low-value exemption provisions in that county; most California counties have enacted such an ordinance using various minimum values while others have not enacted one at all and therefore have no value minimum. _(jurisdiction: California, United States, entity_scope: California county assessors and auditor-appraisers assessing business personal property and fixtures, and the businesses whose property they assess, conditions: applies only in a California county whose board of supervisors has adopted a section 155.20 low value ordinance; counties use various minimum values and some have none)_ `CG-MCE-075#S65`
  > “Pursuant to section 155.20,
Exemption of property having a low value, the board of supervisors may adopt an ordinance
implementing these low value provisions in that county. Most counties have enacted a low value
ordinance (section 155.20) using various minimum values. Others have not enacted the
ordinance at all, and therefore have no value minimum.” — [California State Board of Equalization — Assessors' Handbook Section 504, Assessment of Personal Property and Fixtures](https://boe.ca.gov/proptaxes/pdf/AH504.pdf), 2002-10-03; Chapter 7, Low Value Property (Low Value Ordinance), page 148. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S66"></a>A taxpayer who files the TPP return by April 1 is eligible for a property tax exemption of up to $25,000 of assessed value. _(jurisdiction: Florida, United States, entity_scope: Florida TPP filers, conditions: TPP return filed by April 1)_ `CG-MCE-075#S66`
  > “If you file your TPP return by April 1, you will be eligible for a property tax exemption of up to $25,000 of assessed value.” — [Florida Department of Revenue, Property Tax Oversight — Tangible Personal Property (Taxpayers)](https://floridarevenue.com/property/Pages/Taxpayers_TangiblePersonalProperty.aspx), Web page, Florida Department of Revenue Property Tax Oversight, Taxpayers section; no edition or publication date shown on page; accessed 2026-09-09; Frequently Asked Questions About Tangible Personal Property (TPP) > "Does Florida have a TPP tax exemption?". Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S67"></a>A person with $125,000 or less of business personal property must file a rendition statement or property report that includes a certification that the person reasonably believes the property's value is not more than the $125,000 exemption amount. _(jurisdiction: Texas, United States, entity_scope: persons with $125,000 or less of business personal property in Texas)_ `CG-MCE-075#S67`
  > “A person with $125,000 or

•

less of business personal property must file a rendition
statement or property report that includes a certification

other specified persons.77

APPRAISAL METHODS

that the person reasonably believes that the property’s
value is not more than the $125,000 exemption amount.” — [Texas Comptroller of Public Accounts — Texas Property Tax Basics (publication 96-1425)](https://comptroller.texas.gov/taxes/property-tax/docs/96-1425.pdf), 2026-01; Appraisal — Rendering Property (printed p. 7; two-column text interleaved in the pinned extraction). Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S68"></a>Under Tax-Property Article section 7-245 a person's personal property is not subject to valuation or property tax if all that person's personal property statewide, including inventory and excluding licensed vehicles, had a total original cost less than $20,000; the return's checkbox indicating ownership of less than $20,000 must be checked and signed by the business owner, and the Form 2 must be filed every year with this attestation for the business to receive the exemption. _(jurisdiction: Maryland, United States, entity_scope: Sole proprietorships and general partnerships filing the Maryland Form 2 business personal property tax return, conditions: Total original cost of all the person's personal property statewide, including inventory and excluding licensed vehicles, less than $20,000)_ `CG-MCE-075#S68`
  > “Low Assessments Tax Property Article § 7-245: A person's personal property is not subject to valuation or to property tax if all the
person's personal property statewide, including inventory and excluding licensed vehicles, had a total original cost less than
$20,000. The checkbox on the return must be checked indicating ownership of less than $20,000 and be signed by the owner of
the business. The Form 2 must be filed every year with this attestation in order for a business to receive this exemption.” — [Maryland State Department of Assessments and Taxation — Instructions for 2026 Form 2, Sole Proprietorship and General Partnerships Business Personal Property Tax Return](https://dat.maryland.gov/SiteAssets/Pages/sdatforms/2026%20Form2_Instructions%20FINAL%20updated%202-26-26.pdf), 2026-02-26; General Information and Requirements, item 9) EXEMPTIONS (continued) — Form 2 Instructions, Page 3 of 8. Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

- <a id="s-CG-MCE-075-S69"></a>Personal property accounts valued at less than $500 are exempt, except that those qualifying for the $15,000 head of family exemption do not qualify for this exemption. _(jurisdiction: Washington State, United States, entity_scope: Holders of small personal property accounts in Washington)_ `CG-MCE-075#S69`
  > “• Personal property accounts valued at less than $500
(Those qualifying for the $15,000 head of family
exemption do not qualify).” — [Washington State Department of Revenue — Personal Property Tax](https://dor.wa.gov/sites/default/files/2022-02/PersProp.pdf), 2022-12; Page 4, section “Personal property tax exemptions” (continuation). Verified 2026-09-09.
  _Flagged for professional review — a bookkeeper or accountant should confirm this applies to your situation._

_Partly established. Established: exemptions and relief for small accounts may exist (S65, S66, S67, S68, S69); an obligation to file can persist even when nothing is reportable (S67, S68). Missing: directing the reader to confirm both locally._

_Required authority: primary regulator or government. Highest achieved: primary regulator or government._

## What you must be able to produce if the reported figures are queried
<a id="need-CG-MCE-075-C5"></a>

- <a id="s-CG-MCE-075-S70"></a>A taxpayer is required to make business records available for examination, on request by the county assessor or the assessor's authorized representatives, regarding all locally assessable property the taxpayer owns, claims, possesses and/or controls within the county, and must provide a true copy of business records relevant to the amount, cost, and value of that property. _(jurisdiction: California, United States, entity_scope: Assessees/taxpayers owning, claiming, possessing or controlling locally assessable business personal property and fixtures within a California county, conditions: California property tax audit conducted under Revenue and Taxation Code section 469 and Property Tax Rules 191-193)_ `CG-MCE-075#S70`
  > “A taxpayer is required to make available business records for examination regarding all owned,
claimed, possessed, and/or controlled locally assessable property within the county on request by
the county assessor or the county assessor's authorized representatives. In this connection, the
taxpayer must provide a true copy of business records relevant to the amount, cost, and value of
all property owned, claimed, possessed, or controlled within the county.” — [California State Board of Equalization — Assessors' Handbook Section 506, Property Tax Audits and Audit Program](https://boe.ca.gov/proptaxes/pdf/ah506.pdf), 2015-03; Chapter 4, Reviewing and Verifying Records: Establishing the Working Papers, p. 22. Verified 2026-09-09.

- <a id="s-CG-MCE-075-S71"></a>The list of basic records that should be available onsite continues with the general ledger and subsidiary ledgers supporting it; the trial balance; a detailed fixed asset list or depreciation schedule; income tax returns; invoices and other source documents such as purchase orders, receiving records, lease agreements, appropriation records and work orders for construction projects; financial statements and/or annual reports; accounting procedures manuals; independent audit reports if any; insurance policies; sales tax audit reports if any; the assessee's work papers reconciling books and records to property statement filings; and articles of incorporation and amendments as applicable. _(jurisdiction: California, United States, entity_scope: County assessors and auditor-appraisers conducting property tax audits in California counties, and the assessees they audit, conditions: Board-adopted handbook section; advisory guidance to county assessors, not binding law; California property tax audit conducted under Revenue and Taxation Code section 469 and Property Tax Rules 191-193)_ `CG-MCE-075#S71`
  > “2. General ledger and subsidiary ledgers supporting the general ledger
3. Trial balance
4. Detailed fixed asset list or depreciation schedule
5. Income tax returns
6. Invoices and other source documents (purchase orders, receiving records, lease
agreements, appropriation records, work orders for construction projects, etc.)
7. Financial statements and/or annual reports
8. Accounting procedures manuals
9. Independent audit reports (if any)
10. Insurance policy(ies)
11. Sales tax audit report(s) (if any)
12. Assessee's work papers reconciling books and records to property statement filing(s)
13. Articles of incorporation and amendments, as applicable” — [California State Board of Equalization — Assessors' Handbook Section 506, Property Tax Audits and Audit Program](https://boe.ca.gov/proptaxes/pdf/ah506.pdf), 2015-03; Chapter 3, Inform Taxpayer of Records Necessary for Review, p. 16 (items 2-13 of the 'Basic records to be available onsite should include' list begun on p. 15). Verified 2026-09-09.

- <a id="s-CG-MCE-075-S72"></a>In most cases audits must be completed within four years after July 1 of the assessment year in which the property escaped assessment, and this period is extended to eight years where conditions exist that warrant application of the 25 percent penalty in section 504. _(jurisdiction: California, United States, entity_scope: Assessees/taxpayers owning, claiming, possessing or controlling locally assessable business personal property and fixtures within a California county, conditions: California property tax audit conducted under Revenue and Taxation Code section 469 and Property Tax Rules 191-193)_ `CG-MCE-075#S72`
  > “In most cases, audits must be completed within four years after July 1 of the assessment year the
property escaped assessment. This time period is extended to eight years if conditions exist that
warrant the 25 percent penalty application in section 504.” — [California State Board of Equalization — Assessors' Handbook Section 506, Property Tax Audits and Audit Program](https://boe.ca.gov/proptaxes/pdf/ah506.pdf), 2015-03; Chapter 2, Other Audit Selection Considerations - Waivered Audits (Waiver of Statute of Limitations), p. 6. Verified 2026-09-09.

- <a id="s-CG-MCE-075-S73"></a>Business property statements and attachments for the audit period may indicate reporting problems in asset classification, trade level adjustments, leased equipment, changes in ownership, and reporting inconsistencies; any correspondence between the taxpayer and the county assessor must be reviewed; and the property statements should state the location of the accounting records and the name, address and telephone number of the contact person. _(jurisdiction: California, United States, entity_scope: County assessors and auditor-appraisers conducting property tax audits in California counties, and the assessees they audit, conditions: Board-adopted handbook section; advisory guidance to county assessors, not binding law; California property tax audit conducted under Revenue and Taxation Code section 469 and Property Tax Rules 191-193)_ `CG-MCE-075#S73`
  > “2. Review property statements and attachments as filed (or Change in Ownership
Statements, if applicable). The business property statements and attachments for the audit
period may indicate any reporting problems in asset classification, trade level
adjustments, leased equipment, changes in ownership, and reporting inconsistencies. Any
correspondence with the taxpayer and the county assessor must be reviewed. The
property statements should state the location of the accounting records and the name,
address, and telephone number of the contact person. If the taxpayer is represented by an” — [California State Board of Equalization — Assessors' Handbook Section 506, Property Tax Audits and Audit Program](https://boe.ca.gov/proptaxes/pdf/ah506.pdf), 2015-03; Chapter 3, Review of Information, item 2, p. 13. Verified 2026-09-09.

- <a id="s-CG-MCE-075-S74"></a>The filer must keep a copy of the return for their own records; the instruction states no retention period. _(jurisdiction: Florida, United States (county ad valorem tangible personal property tax; return filed with the county property appraiser), entity_scope: Owners of tangible personal property used for commercial purposes in Florida who file form DR-405, effective_from: 2018-01)_ `CG-MCE-075#S74`
  > “Keep a copy for your records.” — [Florida Department of Revenue, Property Tax Oversight — Form DR-405, Tangible Personal Property Tax Return (with instructions)](https://floridarevenue.com/property/Documents/dr405.pdf), 2018-01; Page 3, INSTRUCTIONS, opening paragraph. Verified 2026-09-09.

- <a id="s-CG-MCE-075-S75"></a>All personal property assessments, and any information and figures reported on the personal property return, accompanying schedules and related documents, are subject to audit, and the Department may issue corrected assessments as a result. _(jurisdiction: Maryland, United States, entity_scope: Sole proprietorships and general partnerships filing the Maryland Form 2 business personal property tax return)_ `CG-MCE-075#S75`
  > “All personal property assessments, and any information and figures reported on the personal property return, accompanying schedules and
related documents are subject to audit. As a result of such audits, the Department may issue corrected assessments.” — [Maryland State Department of Assessments and Taxation — Instructions for 2026 Form 2, Sole Proprietorship and General Partnerships Business Personal Property Tax Return](https://dat.maryland.gov/SiteAssets/Pages/sdatforms/2026%20Form2_Instructions%20FINAL%20updated%202-26-26.pdf), 2026-02-26; General Information and Requirements, item 10) AUDIT OF RETURN — Form 2 Instructions, Page 3 of 8. Verified 2026-09-09.

_Partly established. Established: what the business is expected to be able to produce if the reported figures are queried (S70, S71). Missing: how long the filed return and the schedule supporting it must be retained._

## What to keep after filing, and using it to reconcile next period
<a id="need-CG-MCE-075-P11"></a>

- See above: The list of basic records that should be available onsite continues with the general ledger and subsidiary ledgers supporting it; the trial balance; a detailed fixed asset list or depreciation schedule; income tax returns; invoices and other source documents such as purchase orders, receiving records, lease agreements, appropriation records and work orders for construction projects; financial statements and/or annual reports; accounting procedures manuals; independent audit reports if any; insurance policies; sales tax audit reports if any; the assessee's work papers reconciling books and records to property statement filings; and articles of incorporation and amendments as applicable. ([CG-MCE-075#S71](#s-CG-MCE-075-S71))

- See above: Business property statements and attachments for the audit period may indicate reporting problems in asset classification, trade level adjustments, leased equipment, changes in ownership, and reporting inconsistencies; any correspondence between the taxpayer and the county assessor must be reviewed; and the property statements should state the location of the accounting records and the name, address and telephone number of the contact person. ([CG-MCE-075#S73](#s-CG-MCE-075-S73))

- See above: The filer must keep a copy of the return for their own records; the instruction states no retention period. ([CG-MCE-075#S74](#s-CG-MCE-075-S74))

- <a id="s-CG-MCE-075-S76"></a>Amended returns must be accompanied by information explaining why the amended return is being filed and reconciling the differences with the original return, and the word 'AMENDED' is to be written across the top of page 1 of the return. _(jurisdiction: Maryland, United States, entity_scope: Sole proprietorships and general partnerships filing the Maryland Form 2 business personal property tax return)_ `CG-MCE-075#S76`
  > “Amended returns must be accompanied by information explaining why the amended return is being filed and reconciling the differences
with the original return. Write the word "AMENDED" across the top of page 1 of the return.” — [Maryland State Department of Assessments and Taxation — Instructions for 2026 Form 2, Sole Proprietorship and General Partnerships Business Personal Property Tax Return](https://dat.maryland.gov/SiteAssets/Pages/sdatforms/2026%20Form2_Instructions%20FINAL%20updated%202-26-26.pdf), 2026-02-26; General Information and Requirements, item 13) AMENDED RETURNS — Form 2 Instructions, Page 3 of 8. Verified 2026-09-09.

_Not established from an authoritative source._

## Not yet fully established from an authoritative source

- Establish that tangible business personal property is assessed and administered by state and local authorities, that this is a separate obligation from the assessment of real property and from income and sales tax filings, that the obligation, its form and its assessment date are set locally and vary, and how a business identifies the authority and instructions that govern its own filing, including where the business operates at more than one site and its holdings have to be allocated between assessing authorities. _(partly established)_
- Establish which categories of property are commonly within and outside the scope of such returns, including items in use, items still held after being fully written down or expensed under its own capitalization threshold, leasehold improvements, equipment leased in and out, consigned goods, inventory, supplies, licensed vehicles and intangibles, that reportability does not follow the business's own treatment of them, which categories are determined locally, and how exemptions and relief for small holdings typically operate, and whether a filing obligation persists where nothing is reportable. _(partly established)_
- Establish how filing deadlines, extension mechanisms and the assessment date are set for these returns, that it is the property held on the assessment date rather than when the form is completed that the return reports, and the classes of consequence that follow a late, incorrect or absent return, including an assessment raised in the absence of one. _(partly established)_
- Establish how long the filed return and the schedule supporting it must be retained, and what the business is expected to be able to produce if the reported figures are queried. _(partly established)_
- Establish what the filing is and who imposes it, distinguishing it from real property assessment and from income and sales tax filings, so the reader knows which obligation they are answering. _(partly established)_
- Establish that the reportable categories, exemptions, valuation basis, form and deadline are set by the assessing jurisdiction and vary, and direct the reader to the instructions issued by that authority as the governing source for their own filing. _(partly established)_
- Establish the categories of property the reader must consider and resolve, covering owned items in use, fully depreciated items still held, leasehold improvements, leased-in and leased-out equipment, consigned goods, inventory, supplies, licensed vehicles and intangibles, while stating that the treatment of each is determined locally. _(not established)_
- Establish the measure on which reportable property is stated - typically original cost by year of acquisition rather than net book value - and that the assessing authority applies its own valuation schedule to those figures. _(partly established)_
- Determine which of the business's own records supplies each part of the return: the fixed-asset register for owned property by acquisition year, the supplies and inventory balances, the leased-equipment schedule, and the disposals record since the last filing. _(partly established)_
- Establish the preparation the register needs before the return can be built from it: confirming that listed assets are still held, that assets in use are all listed, and reconciling additions and disposals since the previous filing. _(not established)_
- Address the gaps that preparation exposes, specifically assets disposed of but never removed from the register, assets in use that were expensed under the capitalization threshold and never entered it, and assets whose location the register does not distinguish. _(partly established)_
- Establish the deadline, any extension mechanism, and the classes of consequence for a late, incorrect or absent return, including an assessment raised by the authority when no return is filed. _(partly established)_
- Establish that exemptions and relief for small accounts may exist and that an obligation to file can persist even when nothing is reportable, and direct the reader to confirm both locally. _(partly established; below the required authority class)_
- Establish what must be retained after filing - the return and the schedule that supported it - and how the retained set is used to reconcile the next period's filing. _(not established)_

## Related

- [How do I record it in the books when I sell, scrap, or trade in a piece of equipment or a vehicle?](https://uppago.com/resources/how-do-i-record-it-in-the-books-when-i-sell-scrap-or-trade-in-a-piece-of)

_Reference date 2026-09-07. Statements are quoted verbatim from their sources; scope and verification dates are shown on each._